Italian Banking Association
The Italian Banking Association (ABI) has announced that they are ready to help in further accelerating the implementation of a digital Euro via trials in the country. According to the group: “Monetary stability and full respect for the European regulatory framework must be preserved as a matter of priority”.
A very important point is that they have taken this to be a sort of antidote to anonymous cryptocurrencies; stated in one of their notes: “In particular, a Central Bank Digital Currency, thanks to the central role played by the Central Bank, represents the tool that more than any other can reconcile the needs for innovation, in line with the current framework of reference of rules, existing instruments and interoperability with the analog world. The existence of such an instrument could at the same time reduce the attractiveness of instruments of comparable use but issued by private individuals or (in cases of complete decentralization) which cannot be identified, characterized by an intrinsically higher risk profile”.
The topic of Central Bank issued Digital Currencies (CBDCs) has become very widespread since the announcement of the Libra project (rebranded to Novi). Earlier this year, the European Central Bank and other nations entered into a discussion regarding this subject which has become a top priority to innovate and protect sovereignty.